As a result of adopting ASC 842, Leases on January 1, 2019, the Company recorded $4.8 million of operating lease right-of-use assets and $5.2 million of operating lease liabilities on the consolidated balance sheet at January 1, 2019. The difference between the operating lease right-of-use asset and lease liability at the adoption date was deferred rent. The adoption of this guidance had no material impact on the Company’s consolidated statements of operations or consolidated statements of cash flows.

The Company’s leases consist of office facilities under noncancellable operating lease arrangements that expire at various dates through 2031. Certain of the Company’s facility leases contain renewal options for periods of up to 10 years, at the Company’s election. The Company has not recognized any renewal options in its estimate of the lease term as they are not reasonably certain of exercise. None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants.

For the years ended December 31, 2020, 2019 and 2018, lease expense of $7.0 million, $3.0 million and $1.9 million, respectively, is included in operating expenses in the consolidated statements of operations. The Company did not have any material variable lease costs or short-term lease expenses for the years ended December 31, 2020, 2019 and 2018. The Company's facility leases do not contain material non-lease components.

Cash paid for amounts affecting the measurement of the Company’s operating lease liabilities included in cash flows from operating activities was $3.0 million (net of $5.7 million of cash collected from lease incentive receivable) and $2.5 million for the years ended December 31, 2020 and 2019, respectively.

As of December 31, 2020 and 2019, the weighted average remaining lease term was 9.2 years and 9.9 years, respectively, and the weighted average discount rate was 6.0% and 5.99%, respectively.

The following table presents maturities of operating lease liabilities at December 31, 2020:

(in thousands)
Year Ending December 31,
2021 ⁽¹⁾	$	4,539
2022		5,343
2023		4,498
2024		4,583
2025		4,760
2026 and thereafter		27,796
Total operating lease payments		51,519
Less: Effects of discounting		(13,513	)
Present value of operating lease liabilities	$	38,006
Operating lease liabilities, current	$	4,539
Operating lease liabilities, net of current portion	$	33,467
⁽¹⁾ net of lease incentives of $1.6 million to be received over the next twelve months.